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“After years of underperformance the question being asked by real money is whether an asset allocation in favor of Chinese equities is now warranted,” Neil Azous, founder of the Stamford, Connecticut-based advisory and research firm, Rareview Macro, said in a Nov. 25 interview. “The hallmarks for a secular bull market to materialize are now in place if China were to deliver on a reform plan that would ensure a smooth transition to domestic consumption away from fixed asset investment.”

“….The less obvious conclusion is that a very large real money investor purchased both equity and volatility upside, based on the argument that we may see higher U.S. equities and higher volatility in 2014,” Azous, founder of Rareview Macro LLC, the Stamford, Connecticut-based advisory and research firm, said in an interview. “That could happen as we exit the current monetary environment, while world economic growth continues to improve, putting upward pressure on bond yields and stress on emerging markets.”

“It’s a lot of premium,” Neil Azous, publisher of macro strategy newsletter Sight Beyond Sight and founder of Rareview Macro LLC, the Stamford, Connecticut-based advisory and research firm, said in an interview. “It could be a real-money investor or a large hedge fund underweight U.S. equities.”

Sight Beyond Sight® is published by and is the property of Rareview Macro LLC (“RVM”) and distributed for informational and educational purposes only. The content of this newsletter is intended for institutions and professional advisers only. This distribution is not intended for use by private clients or retail investors. RVM is not a registered investment advisor or a broker/dealer.

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Rareview Macro LLC, Sight Beyond Sight®, www.rareviewmacro.com, www.sightbeyondsight.com, www.rvmacro.com, @neilazous, and @sbstimestamp are not an offering for any investment. They represent only the opinions of Neil Azous. Any views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with, Azous’ other firms and affiliations.